Risk Management

The process of identifying, assessing, and prioritizing risks that could potentially affect the organization’s operations, assets, reputation, or financial standing. It involves developing strategies and taking actions to mitigate, minimize, or eliminate the impact of these risks, ensuring the organization can continue to operate effectively despite uncertainties. Key components include risk identification, risk assessment, risk mitigation, risk monitoring, risk communication and reporting, and risk response. The ultimate goal of risk management is to protect the business from unexpected events that could disrupt operations or cause financial harm, while also allowing the organization to seize opportunities with a clear understanding of the associated risks.